Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NORDEX SE. We currently have 12 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
Profiting from the consolidation effect
17 Nov 16
In Q3 16, revenues increased 24% to €792.7m including Acciona Windpower. Excluding the latter company, which was consolidated from 1 April 2016 onwards, organic revenues dropped 3.8% to €615.1m. The order intake increased 106.8% to €1.26bn including Acciona Windpower (AW) and excluding AW the order intake remained stable at around €606m. The order backlog jumped 105.7% to €3.68bn and excluding AW the order backlog grew 16.7%. The core markets of AW are the USA, South Africa and Brazil. EBITDA increased 34.1% to €67.3m and the EBITDA margin improved from 7.3% to 7.9%. EBIT however declined by 6.3% to €33.8m. The EBIT margin dropped from 5.3% to 4%. Net income rose 57.6% to €13.4m, mainly related to higher tax charges in Q3 15. In the first nine months, revenues increased 31.3% to €2.16bn and Nordex reached an organic growth rate of 10.3%. Total order intake including the service business grew 32% to €2.59bn. The order intake of the projects division increased 10.4% to €2.17bn. Excluding AW, the order intake dropped 23% to €1.5bn compared to €1.96bn in the first three quarters of 2015. The decline, however, was mainly due to large orders from Uruguay, South Africa and Pakistan received in 2015. The total volume reached €480m. Excluding this additional volume, the order intake would have increased moderately by 2%. The EBIT margin declined from 5.5% to 5.4%.
Energy policy in Germany – lost in translation
11 Oct 16
According to the latest news, the German government is planning to reduce onshore windmill installations in the north of Germany and accelerate growth in the south. Around 2,500GW installations per year are projected via tender offers or a bidding processes. The new legislation, which will start in March 2017, is suggesting to install only 902MW of wind turbine capacity in the north of Germany. The remaining volume will be transferred to the south.
Wind energy industry's margins under pressure!
29 Aug 16
The ongoing auctions in Chile, one of the most interesting markets for photovoltaic and wind energy, leaves some doubts about who will profit from the razor-thin margins. On average, around 350MW per year are expected to be installed until 2025. A total of 12,430GWh a year of electricity has been auctioned for the generation period from 2022 to 2042. This volume will cover 30% of the electricity demand for Chile in 2021. Nordex confirmed negotiations as the preferred wind turbine supplier with Acciona Energia in Chile to provide 183MW for a wind farm.
The merger is driving the performance
01 Aug 16
Nordex reported strong second quarter results. Revenues increased 40.2% to €846.4m (excluding Acciona Windpower 10.6%) and EBITDA jumped 53.6% to €77m. The EBITDA margin increased from 8.3% to 9.1%. EBIT rose 26.7% to €46.6m and the EBIT margin declined from 6.1% to 5.5%. Order intake increased 11% to €789.2m including Acciona Windpower. Acciona Windpower contributed €434.4m (USA, South Africa and Brazil) to total order intake in Q2 16. Excluding Acciona Windpower, the order intake would have plummeted by 48.7% to €365.8m. The merged company was consolidated for the first time from 1 April. Total installations increased 91% (76% excluding Acciona Windpower) to 1,165MW and turbine assembly 28% (15% excluding Acciona Windpower) to 1,298MW.
Strong earnings momentum in Q1 16
23 May 16
The company reported final Q1 16 results. Revenues increased 28.3% to €637m and the order intake declined by 15.8% to €541m mainly due to a large order (Gibson Bay project in South Africa) received in Q1 15. Order intake adjusted increased 9%. The order backlog declined 1.1% to €1.64bn. EBITDA increased 56.6% to €59.1m and the EBITDA margin jumped from 7.6% to 9.3%. EBIT also increased 81.4% to €44.9m. The EBIT margin improved from 5% to 7.1%. Net income skyrocketed 71% to €25.5m and earnings per share from €0.18 to €0.31 based on the old number of shares. The acquisition Acciona Windpower will be consolidated from the second quarter onwards.
Strong start into 2016
10 May 16
The company reported preliminary Q1 16 results. Revenues increased 28.3% to €637m. The order backlog declined marginally by 1.1% to €1.6bn and the order intake dropped 16% to €541.m. In Q1 15, the company profited from a large order. The acquired company Acciona Windpower will be consolidated from 1 April. Nordex increased installations by over 100% from 240.2MW to 490.5MW mainly in Germany (147MW), Pakistan (95MW) and France (72MW). Turbines of around 573.9MW (+24.2%) were produced and the number of blades jumped over 100% from 66 units to 159 units.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.